Bull Run Continues: Bitcoin Price Inches Closer to All-Time High Despite Predictions

• Bitcoin price is just a few figures away from its all-time high of $21.5K
• Peter Schiff has predicted a massive pull back in the BTC market
• Bitcoin has seen a greater volume of profits realized on-chain than losses for the first time since June

The crypto market is witnessing a massive bull run right now, with Bitcoin (BTC) just a few figures away from hitting its all-time high of $21.5K. According to Glassnode, Bitcoin has seen a greater volume of profits realized on-chain than losses for the first time since June 2022. This is a great sign of optimism in the crypto market.

However, Bitcoin opponent Peter Schiff has come out with his criticism, predicting that the King currency will be pulled back lower than $18K. This is not the first time that Schiff has made negative predictions about Bitcoin, as he believes that it is not a valid investment tool or store of value due to its extreme volatility.

The analyst has always stood firm in his opinion that Bitcoin is a bubble and will eventually burst, potentially leading to huge losses for investors. He also believes that Bitcoin is only suitable as a speculative asset, and is not a reliable store of value or a good form of currency.

Despite Schiff’s warnings, Bitcoin’s price has continued to climb and many investors remain bullish on the future of the cryptocurrency. With the increasing institutional interest in Bitcoin and its growing adoption as a payment method, many analysts are confident that the coin will continue to surge.

In addition, the entry of large investors such as Elon Musk, Microstrategy, and Square have further boosted investor confidence in the cryptocurrency. Musk’s investment in Bitcoin has been particularly influential, as his tweets have resulted in huge price movements.

All things considered, it remains to be seen whether Bitcoin will be able to sustain its current levels or if it will succumb to a massive pull back. While the price could go either way, it is clear that the cryptocurrency is here to stay and that its future looks brighter than ever.

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